What You Need to Know About Saving for College
Common College Savings Mistakes and How to Avoid Them
Saving for College: The Forgotten Priority
In the summer of 2006, AllianceBernstein surveyed 1,350 parents to understand their attitudes, beliefs, and behaviors related to saving for college. At the same time, we asked financial aid administrators from public and private 4-year colleges across the country to tell us how well they thought families are prepared to meet the obligations of funding their children’s college education.
We learned that while American parents are deeply committed to doing all they can to provide for their children’s education, they are falling short of their goals. In fact, many parents struggle to understand what they need to be doing to save effectively, or they are not saving at all.
The result? Many families scramble when it comes time to pay the tuition bill, putting both their children’s future at risk and their own.
It’s important to understand the critical factors that come into play when making sure your college savings plans have the same potential for success as your children’s educational aspirations. Work with a financial advisor to help you balance all of your priorities, such as saving for retirement. Financial planning professionals also have expertise to make sure your investment strategies match your goals.